IMF Economic Outlook - Commons Urgent Question

Part of the debate – in the House of Lords at 4:10 pm on 31st January 2023.

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Photo of Baroness Penn Baroness Penn The Parliamentary Secretary, HM Treasury 4:10 pm, 31st January 2023

My noble friend is right about the importance of investment, which is why the Government are maintaining record levels of capital investment: £600 billion over the next five years. We have permanently set the annual investment allowance at its highest-ever level of £1 million. My noble friend is also right about the importance of green investment and driving green growth in our economy. We have one of the strongest legislative frameworks for tackling climate change and nature loss, and we will continue to build on that. Our record is clear: we are one of the most significant decarbonising economies in the G20, and we have achieved that at the same time as growing.